Graeme McFaull has stepped down from his post of chief executive of Wincanton.
His unexpected departure follows a strategic review of the logistics giant's business. According to a statement, Wincanton's immediate priorities are "to focus on organic growth of the business, a significant reduction of the level of debt and to improve profitability through a greater reduction in both overhead and operating costs".
McFaull is replaced with immediate effect, "in line with its succession plans", by Eric Born, the current chief operating officer, who has been in post since April 2009.
Wincanton says Born has "extensive experience in managing turnarounds and growth in a number of industries including retail, airline catering and logistics. At Wincanton, he has predominantly focused on driving the successful turnaround of the German business".
McFaull remains with the group in a consultative role to ensure a smooth handover to Born. McFaull joined Wincanton in 1994, taking the top job in 2005. During his time in charge Wincanton made eight acquisitions totalling £120m.
Wincanton chairman David Edmonds says: "Graeme has been with Wincanton in a variety of roles for 16 years and, as chief executive for the past five years, he has played a major part in securing its growth into a major logistics company over that period. We wish him well in the future."
